UKRAINE'S INSURANCE MARKET FUNCTIONING IN TERMS OF MODERN DIGITAL TRANSFORMATION

Abstract

The article considers the state of the market of insurance services of Ukraine at the present stage in the conditions of digitalization and introduction of the newest technologies. The authors proved that in order to successfully implement targeted transformation strategies in a difficult period, insurers must focus on customer needs. Advanced technology and new business models will allow insurers to become more digital and flexible in meeting these needs. What determines the relevance of this study. The main components of ICT were studied, and the TOP-10 insurance companies by assets were presented. The main problems that hinder its development are highlighted. The authors also describe the main advantages of implementing modern applications and using e-policies. It has been studied that the digitalization process in the insurance sector with technological development, reduced profits and reduced costs shows the impact of digitalization on the insurance industry through the use of big data, artificial intelligence, cognitive computing, predictive modeling, devices, telematics and the Internet of things. Analyzing the foreign experience of Europe, insurers are very interested in investing, especially in Germany, while in Poland, and found that willingness to invest in innovation is much lower, but none of the respondents said that their company does not want invest in innovation. Despite the diversity of research on the digitalization of the insurance market, there are many unresolved issues. It is determined that due to the introduction of new technologies in the activities of insurance companies, the insurance market of Ukraine will be able to reach a new, much higher level of effective functioning.